The Indian Express -- Business

Monday, November 10 1997

FOREX RATES INDICES STOCK

RBI allows rupee to seek "correct" value

The Reserve Bank of India (RBI) seems to have changed its strategy in allowing the rupee to fall against the dollar. The central bank is no longer aggressive in propping up the rupee, but has kept away from the foreign exchange market, allowing the rupee to seek its own "correct" value. The RBI has allowed the value of the rupee to fall by around 16 paise in the last three days to Rs 36.53 against the dollar.

JK Synthetics revival plan turned down

The face-off between the financial institutions and JK Synthetics has intensified with the former turning down the revival package submitted by the Singhanias for avoiding possible liquidation of the company. The FI consortium comprising ICICI, IFCI, IDBI, LIC, UTI and others have, in a written statement, stated that no such proposal would be accepted till the company furnishes a concrete plan envisaging sale of any of its units with full details of such a deal.

East West plans to revive operations

East West Airlines (EWA) plans to revive its operations by January and is negotiating with `foreign partners' for taking on lease two Boeing 737-400s to start with. The airline had already renewed the `no objection certificate' from Director General of Civil Aviation (DGCA) a few months ago for import of aircraft, but permission would be given after the necessary manpower to operate aircraft were put in place.

Delegating indecision, the Reserve Bank way

Inflation declines to new low of 3.45%

Gold prices set to crash further

RBI allows rupee to seek "correct" value

Understanding badla

Flying fighters

Different strokes

JK Synthetics revival plan turned down

East West plans to revive operations